Dangote expands to Togo with fertiliser and cement deals

0
243

LOME, Nov 8 – Nigerian industrial conglomerate Dangote Group has signed deals to make phosphate into fertiliser and build a cement factory in Togo, the small West African country said on Friday.

Togo’s vast phosphate resources are mostly exported in their raw form, and Dangote’s project would process some of that phosphate to make fertiliser in-country, aiming to export it to the region.

The cost of the project is around $2 billion, a statement from Togo’s government said, without specifying how much of that would come from Dangote.

Dangote also signed a deal to build a cement factory at a cost of around $60 million. Construction of the factory is set to start in the first quarter of 2020 and it will begin producing by the end of next year, the statement said.

The cement would serve the Togolese market as well as export to neighbouring countries.

The deal marks Dangote’s first push into Togo, setting billionaire Aliko Dangote’s firm up for competition against Germany’s HeidelbergCement, which operates three companies there, and Fortia Cement.

SHARE
Previous articleHow Ambode outsmarted Lagos State Legislature in probe of 820 buses
Next articleNigeria Bond Yields Down at 18 Year Low as Central Bank Tightens Money Tap
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.